Pope Francis took part in a Mass attended by 150,000 people in Abu Dhabi on Tuesday. Courtesy of Ministry of Presidential Affairs
Pope Francis took part in a Mass attended by 150,000 people in Abu Dhabi on Tuesday. Courtesy of Ministry of Presidential Affairs
Pope Francis took part in a Mass attended by 150,000 people in Abu Dhabi on Tuesday. Courtesy of Ministry of Presidential Affairs
Pope Francis took part in a Mass attended by 150,000 people in Abu Dhabi on Tuesday. Courtesy of Ministry of Presidential Affairs

Historic visit of Pope and Grand Imam praised by political and religious leaders

Pope Francis and Dr Ahmed Al Tayeb promoted a message of a peace and solidarity during their UAE tour

The National

February 05, 2019

  • English
  • Arabic

Senior religious and political leaders have united in praise of the momentous visit to the UAE by Pope Francis and the Grand Imam of Al Azhar, Dr Ahmed Al Tayeb.

Two of the world's most revered and influential religious figures took part in a series of discussions aimed at bolstering links between faiths while in the capital, before launching the document of Human Fraternity, a comprehensive charter promoting the principles of peace, equality and justice for all.

Pope Francis concluded the first ever tour of the Gulf region by a sitting pontiff by presiding over an open-air mass attended by 150,000 fervent followers at Zayed Sports City Stadium.

The Pope and Grand Imam both departed the UAE on Tuesday - but their visit will linger long in the memory and leave a lasting legacy.

Dr Sultan Al Jaber, Minister of State and chairman of the National Media Council, said the history-making visit by the two religious leaders reflects the true brotherhood and co-existence to be found in the UAE.

Dr Al Jaber said the country is built on "noble humanitarian principles" and is an "oasis of peaceful co-existence".

The minister praised government leaders for successfully organising the landmark visit.

Bishop Miguel Ayuso Guixot, a Roman Catholic clergyman from Spain, said the Human Fraternity Document signed by the Pope and the Grand Imam of Al Azhar is a "breath of fresh air" and an "historical moment to witness".

While aboard the papal flight to Rome, the secretary of the Pontifical Council for Interreligious Dialogue said the document is an appeal to the goodwill of people all over the world.

"The signing of the Human Fraternity Document in Abu Dhabi is an appeal, which means that there exists today a wounded humanity. Therefore, it is an appeal to people of goodwill, but also a duty for every being that we must absolutely seek mutual ways of collaboration and knowledge," he said.

"It was a historical moment, that will always be remembered, and we can always turn back to the signing in Abu Dhabi, remembering the core aim to better humanity, together," the bishop told state news agency, Wam.

Sheikha Fatima bint Mubarak, chairwoman of the General Women's Union and the Family Development Foundation, described the UAE as a "capital of peace" following the papal visit.

She called on countries to promote the values of tolerance and love and enter into civilised dialogue, to reject violence and extremism.

Members of the Federal National Council also expressed pride at the presence of the two global figures in the UAE.

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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